Private Equity 3 Days

Last updated: March 26, 2026, 5:30 AM ET

Dealmaking Activity & Sector Focus

Private equity firms continued a broad deployment strategy across specialized sectors, with defense technology and beauty emerging as key areas of focus. Advent is preparing to deploy up to $1bn into defense technology assets, echoing a broader trend that sees Chimney Rock Equity fueling its purchase of UEC based on "insatiable" demand for maintaining radar systems across aircraft and ground vehicles. In the consumer space, Advent expanded its beauty portfolio by agreeing to acquire a majority stake in Salt & Stone for $165 million, contrasting with the partial exit Advent took from Trustpilot, where it sold a £46 million stake as shares declined. Elsewhere in consumer goods, Bansk Group agreed to acquire wellness shots provider So Good So You, while Semcap launched a dedicated beauty and wellness arm in partnership with industry veteran Vasiliki Petrou and her firm Veralis Group.

Large-cap buyouts saw established players executing major transactions, including Brookfield and La Caisse jointly acquiring renewable energy firm Boralex in a $9.7 billion take-private deal intended to scale renewables growth. In infrastructure and energy, private equity funds are showing deep interest in Gulf energy assets, with firms targeting a $7 billion Kuwait pipeline deal as energy transactions in the region advance. Conversely, Generate Capital completed the divestiture of greenhouse operator Equinox Growers to Taylor Farms, signaling a shift away from controlled environment agriculture assets.

Continuation Funds & Secondary Market Activity

GP-led transactions remain a significant feature of the market, exemplified by TowerBrook completing a continuation fund for business consulting firm Eisner Amper, a process that Carlyle Alp Invest led and Hamilton Lane co-led to allow for continued value creation across the four-plus year hold. This activity contrasts with persistent liquidity challenges in other areas, as Bain & Co reports that the number of Asia-Pacific portfolio companies held for over five years rose by 18% in 2025, suggesting exit difficulties are forcing sponsors toward partial sales or longer preparations. In the LP space, the University of California is shopping a $3 billion portfolio in the secondary market seeking liquidity, while Mercer’s acquisition of a secondaries capability via Mercer acquisition brings ‘missing link’ to Altamar CAM indicates high LP interest in accessing secondary market exits.

Sector-Specific Technology & Software Investments

The technology landscape saw specialized software and enterprise solutions attract significant capital. Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which runs cloud ERP on the Salesforce platform, while Main Capital invested in Gingco Systems, a developer of modular enterprise resource management software for intelligent workplace management. In the legal tech sphere, GIC and Sequoia co-led a $200 million funding round in Harvey, pushing the AI notetaking startup to an $11 billion valuation, while fellow AI firm Granola achieved unicorn status with a $125 million Series C round driven by its notetaking technology. Furthermore, Etna Capital snapped up digital engineering firm Code Road, and AEA Elevate invested in Trinamix, a tech company serving enterprise and mid-market organizations with specialized services.

Venture Capital Fundraising & Startup Valuations

Venture capital fundraising is showing divergence, with established players closing large, specialized funds while overall startup funding faced headwinds. Kleiner Perkins successfully raised $3.5 billion across AI-focused funds, including $1 billion for early-stage KP22 and $2.5 billion for growth investments. Similarly, Lead Edge Capital landed $3.5 billion for its seventh fund, focusing squarely on software deals. In contrast, overall US startup funding slowed sharply in March, largely attributed to fewer mega-rounds in the artificial intelligence sector. In Europe, the European Investment Fund launched a €15 billion fund of funds designed to back 100 growth-stage VCs, while Pictet closed its inaugural direct private equity fund at €403 million ($440 specifically targeting founder-led businesses.

Aerospace, Defense, and Specialized Industrials

The defense and aerospace sectors saw tactical acquisitions driven by ongoing geopolitical concerns. Arlington Capital moved to acquire Eptec Defence, a specialist in naval and defense preservation services, aligning with Blue Fire Equity’s focus on defense and government tech which recently closed its first platform investment. In aviation logistics, Sun European invested in B&H Worldwide, which manages components for aerospace and aviation needs based at Heathrow. Separately, Advent's Salt & Stone deal reflects the broader PE appetite for beauty, but the firm also saw a partial exit from defense contractor Ultra, as Advent-backed Cobham Ultra agreed to sell Ultra Cyber to Airbus Defence and Space amid reported exit difficulties elsewhere in the market.

Corporate Carve-Outs & Litigation

Major corporate carve-outs and complex ownership disputes characterized other large deals. Aurelius is exploring a potential $4.6 billion acquisition of Carrefour's Belgian business, seeking to capitalize on the divestiture. Meanwhile, Clearlake is moving to acquire power and electric services grid Qualus from seller New Mountain Capital in a strategic infrastructure transaction. In the VC governance sphere, a court hearing revealed a ‘covert plot’ by Balderton and AVP allegedly aimed at ousting the founder of Cognism, highlighting internal shareholder friction common in high-growth technology firms.

Fundraising & People Moves

The movement of senior talent continues as firms reposition for competitive advantage. Jefferies secured senior GP-led talent from Lazard to bolster its advisory capabilities in the secondaries market, while ECI appointed David Danon as a new partner, who joins after nearly two decades on the private equity team at Bain Capital. Aware Super placed Alex Satchcroft in charge of its substantial $11 billion private equity portfolio, reflecting internal restructuring among institutional investors.

Health, Wellness, and Specialized Services

The health and wellness space generated several transactions, including a substantial exit where the investor group led by Astorg and Cinven finalized the sale of clinical trial data firm Clario to Thermo Fisher for $8.9 billion marking a successful monetization event. Startups targeting the GLP-1 drug market are also receiving capital, as VITL secured $7.5 million for its e-prescribing marketplace serving cash-pay clinics. In professional services, TowerBrook completed a continuation fund for Eisner Amper, and Olympus Partners is looking to divest the retina business of Eye South for $1.1 billion as part of its portfolio management strategy.